Monday, April 14, 2008

Get $7,000 in tax credits to buy foreclosures?

With taxes on everybody's mind this time of year, would anybody like an extra $7,000 in tax credits?

This just might be reality next year. A $7,000 tax credit just for buying a foreclosed house.

The "Foreclosure Prevention Act" has already passed with the Senate with an overwhelming decision in favor of the 84-12 vote. Part of this package would give the buyers of foreclosure homes a $7,000 credit to help provide relief to struggling banks who have huge inventories of foreclosed properties.

The program seems a bit too much like a bail out for the banks to me, and likely won't do as well in the House of Representatives and the White House, but if it does, buying foreclosure properties will be all the more appealing...

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